U.S. Posts Strong Jobs Growth Again In October

After a couple months of tepid jobs growth, the U.S. economy added 271,000 net new payroll jobs in October, according to the latest employment report released Nov. 6 by the Bureau of Labor Statistics. The unemployment rate also fell slightly to 5%. In addition, the BLS revised up the number of jobs created in August and September by 12,000 total.

The surge in new jobs assuaged the worries of many economists and other observers that jobs growth had peaked late summer and early fall.  Average hourly wages also rose 0.4% or nine cents. The report is likely to support those at the Federal Reserve who are considering a hike in interest rates next month.

Among the segments, foodservices and drinking places added another 42,000 in October, bringing the total number of foodservice jobs created in the past 12 months to 368,000. Other segments generating strong growth of new jobs included professional and business services, healthcare, retail trade and construction.

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